MANILA, Philippines - The Government
Service Insurance System (GSIS) formally awardedFriday its 2,411-square meter propertyin the Ortigas business districtto the Gotianun family’s Filinvest Land Inc.
(FLI).

GSIS sold the idle 18-story Philcomcen
building along Meralco Ave. for P772 million or more than three times the lot’s
book value of P234 million.

A deed of absolute sale was signed by
GSIS president and general manager Robert Vergara and FLI director Joseph Yap
following the public bidding held in December last year.

The foreclosed property served as the
office building for several government agencies such as the Department of
Transportation and Communications, the Presidential Commission on Good
Government and several radio stations.

GSIS has been trying to sell the property
for yearsbut couldn’t get an acceptable
offer.

Aside from the Philcomcen property,
GSIS also successfully bid out the 2,076-sqm CUL Transit property on
Commonwealth Ave. in Quezon City.It was
acquired by Global 360 Development Corp. for P78 million.

The state run pension fund tried but
failed to sell these properties – Polymedic 1, the 821-sqmLa’O property in Ermita, Manila, and the
former Jai Alai property in Manila (6,470 sqm).

The GSISearlier said it has around P30 billion worth
of property assets that may be auctioned off to shore up its fund.

Among the other assets that may be
unloaded includean 18,498-sqmproperty located at the corner of Doña Julia
Vargas Ave. which is being used as an impounding area by the Metropolitan
Manila Development Authority. The appraisal value of the lot was around P1.6
billion in 2010.